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My theory is that BTC and "the crypto space" are mostly about dollars. They use FOMO talk (future of finance) to disguise that they really just want to sell you
by lordfrito 4y ago
My theory is that BTC and "the crypto space" are mostly about dollars. They use FOMO talk (future of finance) to disguise that they really just want to sell you garbage and collect USD.
I remember several years ago someone in finance posted here about how they were looking into ways BTC could be packaged into a traditional security that could be bought/sold in TradFi. After spending a year on it, he and his team came to two conclusions.
1) KYC made it really hard to do
and
2) everyone they talked to was more interested in getting USD than holding onto BTC
Point 2 stuck out to me. No one wants BTC. It's about get-rick-quick and cash out to USD.
That's why everyone talks about the price of BTC relative to dollars. It's all that really matters to them.
If my theory is correct, then the shuttering of the major on/off ramps between USD and BTC will force crypto into an endgame followed by a crash.
- lamontcg 4y agoThe endgame is probably when people need to raise capital because their business ventures in the real world are crashing and burning, and they actually take the available exits and drain the cash out of the system. Blocking offramps may actually do the ecosystem a favor (similar to coinbase always suspending withdrawals whenever crypto goes down).
- lordfrito 4y agoAgreed. When that happens we're going to finally see what a bitcoin is truly worth. In some ways answering that question is the very favor the ecosystem has needed all along.